HomeMy Public PortalAboutTAB 13.pdfCERTIFICATE REGARDING COMPLIANCE WITH DEBT CAP
The undersigned, Mayor of the Village of Key Biscayne, Florida (the "Village") hereby
certifies as follows pursuant to the requirement of Section 4.10 of the Village Charter (the "Debt
Cap Ordinance Requirement").
Capitalized terms used and not defined herein shall have the meanings given to them in
Section 4.10 of the Village Charter.
(1) The total assessed value of all property within the Village, as certified to the
Village by the Miami -Dade County Property Appraiser, for the fiscal year ended September 30,
2010, is $5,429,760,280. One percent (1%) of such amount is $54,297,603 (the "Assessed Value
Limitation").
(2) The following constitute the only outstanding Debt of the Village within meaning
of the Debt Cap Ordinance:
(a) $10,000,000 Land Acquisition and Capital Improvement Revenue Bonds, Series 1999
(the "1999 Capital Improvement Bonds");
(b) the State Revolving Sewer Loan;
(c) $3,500,000 Transportation Tax Revenue Bonds, Series 2005 (the "2005
Transportation Tax Bonds");
(d) $4,000,000 Road Improvement Revenue Bonds, Series 2006 (the "2006 Road
Improvement Bonds");
(e) $5,150,000 Loan from the State Revolving Loan program for Pointe Source Water
Pollution Control (the "2009 State Pollution Control Loan");
(f) $6,890,000 Village of Key Biscayne, Florida, Capital Improvement Revenue
Refunding Bonds, Series 2011A (the "2011A Capital Improvement Refunding Bonds");
(g) $7,130,000 Village of Key Biscayne, Florida, Capital Improvement Revenue
Refunding Bonds, Series 2011B (the "2011B Capital Improvement Refunding Bonds"), which
are being issued on the date hereof in order to refund the Village's $9,987,551 Capital
Improvement Revenue Bonds, Series 2002; and
(h) $1,865,000 Village of Key Biscayne, Florida, Capital Improvement and Land
Acquisition Revenue Refunding Bonds, Series 2011 (the "2011 Capital Improvement and Land
Acquisition Refunding Bonds"), which are being issued on the date hereof in order to refund the
Village's $2,800,000 Capital Improvement and Land Acquisition Revenue Bonds, Series 2004.
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(3) The currently outstanding amount of the above -listed Debt (the "Outstanding
Debt") is as follows:
1999 Capital Improvement Bonds: $6,085,000
State Sewer Loan: $268,236
2005 Transportation Tax Bonds: $2,858,669
2006 Road Improvement Bonds: $3,035,466
2009 State Pollution Control Loan: $4,270,643
2011A Capital Improvement Refunding Bonds: $6,890,000
2011E Capital Improvement Refunding Bonds: $7,130,000
2011 Capital Improvement and Land Acquisition
Refunding Bonds: $1,865,000
TOTAL OUTSTANDING DEBT: $32,403,014
(4) The amount of principal and interest payable during the fiscal year ended
September 30, 2014 (the year in which combined debt service is the highest) with respect to the
Outstanding Debt is as follows:
1999 Capital Improvement Bonds: $829,428
State Sewer Loan: $28,134
2005 Transportation Tax Bonds: $294,434
2006 Road Improvement Bonds: $266,431
2009 State Pollution Control Loan: $368,348
2011A Capital Improvement Refunding Bonds: $783,932
2011B Capital Improvement Refunding Bonds: $734,358
2011 Capital Improvement and Land Acquisition
Refunding Bonds: $191,572
TOTAL MAXIMUM DEBT SERVICE: $3,496,456
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(5) Total general fund expenditures of the Village for the fiscal year ended September
30, 2010 were $23,601,302, and 15% of such amount is $3,540,195 (the "General Fund
Expenditure Limitation").
(6) Pursuant to Debt Cap Ordinance Requirement, the Outstanding Debt cannot
exceed the greater of the Assessed Value Limitation or the General Fund Expenditure Limitation.
The Assessed Value Limitation is the higher number.
2011.
(7) The Outstanding Debt does not exceed the Assessed Value Limitation.
IN WITNESS WHEREOF, the undersigned has set his hand this 1st day of August,
VILLAGE OF KEY BISCAYNE, FLORIDA
B
lin Caplan, Ma '+r
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